PFSweb entered into a new five-year, $60 million revolving credit facility with a syndicate of lenders led by Regions Bank.
The new facility replaces the company’s existing revolver and term loan credit facilities with more favorable terms and provides for an accordion feature to borrow an additional $20 million for a total of up to $80 million.
Under the terms of the new facility, Regions Bank will act as administrative agent, with PNC Bank and Bank of America acting as participating lenders. The credit facility bears interest at varying rates, based on the company’s leverage ratio as defined.
“This new credit facility provides a better rate structure and an extended maturity date to further strengthen our balance sheet and support our working capital needs,” said Mike Willoughby, CEO of PFSweb. “The new credit facility also provides us with greater financial flexibility as we look to drive growth across both our PFS and LiveArea business segments.”
PFSweb is a commerce services company that manages the online customer shopping experience on behalf of major branded manufacturers and retailers.
